Arbitrage trading modes are mainly divided into four types, namely: stock index futures arbitrage, commodity futures arbitrage, statistics and option arbitrage.
1. Arbitrage of stock index futures
Arbitrage of stock index futures refers to the behavior of taking advantage of unreasonable prices in the stock index futures market, participating in the trading of stock index futures and stock spot market at the same time, or trading stock index contracts with different maturities and different (but similar) categories at the same time to earn the price difference. Stock index futures arbitrage is divided into futures arbitrage, intertemporal arbitrage, cross-market arbitrage and cross-variety arbitrage.
2. Commodity futures arbitrage
Similar to stock index futures hedging, there is also an arbitrage strategy in commodity futures. When buying or selling a futures contract, you sell or buy another related contract, and close both contracts at the same time at a certain time.
It is somewhat similar to hedging in transaction form, but hedging is to buy (or sell) physical goods in the spot market and sell (or buy) futures contracts in the futures market at the same time; Arbitrage only buys and sells contracts in the futures market, and does not involve spot trading. There are four kinds of commodity futures arbitrage: spot arbitrage, intertemporal arbitrage, cross-market arbitrage and cross-variety arbitrage.
3. Statistical arbitrage
is different from risk-free arbitrage. Statistical arbitrage is a kind of risk arbitrage by using the historical statistical law of securities prices, and its risk lies in whether this historical statistical law will continue to exist in the future.
the main idea of statistical hedging is to find out several pairs of investment products (stocks or futures, etc.) with the best correlation first, then find out the long-term equilibrium relationship (cointegration relationship) of each pair of investment products, and when the price difference (residual of cointegration equation) of a pair of products deviates to a certain extent, start to open positions-buy relatively undervalued products, short sell relatively overvalued products and wait until the price difference returns to equilibrium to make a profit.
the main contents of statistical hedging include stock matching trading, stock index arbitrage, securities lending hedging and foreign exchange arbitrage trading.
4. Option arbitrage
Option, also called option, is a derivative financial instrument based on futures. In essence, the option is to price the rights and obligations separately in the financial field, so that the transferee of the right can exercise his right to trade or not within a specified time, and the obligor must perform it.
When trading options, the party who buys the options is called the buyer, while the party who sells the options is called the seller; The buyer is the assignee of the right, while the seller is the obligor who must perform the buyer's right.
The advantage of options is that the income is unlimited and the risk loss is limited. Therefore, in many cases, using options to replace futures for short-selling and arbitrage trading will have less risk and higher yield than simply using futures arbitrage.
Legal basis: Article 196 of the Criminal Law of the People's Republic of China commits credit card fraud under any of the following circumstances, and if the amount is relatively large, it shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 2, yuan but not more than 2, yuan; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than 5, yuan but not more than 5, yuan; If the amount is especially huge or there are other particularly serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 1 years or life imprisonment, and shall also be fined not less than 5, yuan but not more than 5, yuan, or his property shall be confiscated: < P > (1) using a forged credit card or using a credit card fraudulently obtained with false identification;
(2) using an invalid credit card;
(3) fraudulent use of another person's credit card;
(4) malicious overdraft. The term "malicious overdraft" as mentioned in the preceding paragraph refers to the act that the cardholder overdraws beyond the prescribed limit or time limit for the purpose of illegal possession, and still refuses to return it after being urged by the issuing bank. Whoever steals a credit card and uses it shall be convicted and punished in accordance with the provisions of Article 264 of this Law.